DTough financial times lie ahead as gas prices skyrocket around the world. United Statesand rising inflation is starting to affect the cost of basic necessities for millions of Americans.
While both the federal and state governments are partly responsible for the impact of the protracted coronavirus lockdown, they are currently taking steps to try and cushion that blow by putting in place programs that try to offset rising costs across the country.
In our live blog for the latest American financial news and advice Sunday, April 3we will have news about all these stories and more.
Small Business Tax Refund
Tax refunds for businesses are not that common. It mainly depends on what type of business it is registered as, since most small businesses do not pay income tax directly.
Prepaying upcoming expenses is one way to maximize your tax refunds, as well as stay on top of all the different types of tax credits the US government offers businesses. Pass-through business owners may also be allowed to claim a deduction of up to 20 percent of their qualified business income.
Find out more about small business tax refund here.
Both SSDI and SSI payments are possible
Americans are relieved to know that it is indeed possible to receive both Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) financial assistance at the same time.
The SSDI program is funded by Social Security contributions from wages, while the SSI program is based on need, not tax.
Find out more about SSDI and SSI payments here.
Why do some people get less tax refunds?
Some people have seen that they receive a lower tax refund than usual, and one of the most common reasons why this may be the case is because they made more money last year than you might think, while some could either get a pay raise or a job change, which could result in an increase in their wages.
Another reason some people have received a smaller tax refund is due to the expanded child tax credit program, as families received half of the $3,000 or $3,600 amount in the second half of 2021.
Find out more about tax refund here.